Influence and cooperation
5.5 Diverse communications promote financial literacy
In 2019, the Bank of Finland communicated and influenced on a variety of online platforms as well as by meeting stakeholders at meetings and events. Social media are becoming increasingly important for the Bank’s communication activities. The promotion of financial literacy is a key objective of the Bank’s communications.
In 2019, the Bank of Finland was active in social media and developed its websites to meet modern-day requirements.
The Bank of Finland published five online issues of the journal Euro & talous in 2019 in connection with their dedicated press events. Publication of the English-language edition of the journal – Bank of Finland Bulletin – followed shortly afterwards. As a new communication product, the Bank introduced an accessible summary to the journal to attract new readers. Since the Euro & talous press briefings are livestreamed, they can be followed regardless of location.
In October 2019, the Eurosystem began to publish data on a new overnight reference rate, the euro short-term rate €STR. As €STR involved an important reform of a financial market reference rate, euro area central banks, together with the ECB, organised both joint and national information campaigns on the matter.
The Bank of Finland’s annual report experienced an overhaul and the first online annual report was published in April 2019. The renewed annual report provides readers with an easier and more visual reading experience. The different content sections of the online annual report can be easily found and shared. The Bank of Finland’s annual report website won the Oma Media 2019 competition (’Own Media 2019’, in Finnish) of the Finnish Association of Communication Professionals, Procom.
The Bank of Finland staff members were active bloggers. In 2019, staff members wrote a total of 66 blog posts related to the journal Euro & talous. These were shared on Twitter, Instagram, Facebook and LinkedIn. A significant number of readers found the blogs via social media channels.
Experts are visible in social media
Experts from the Bank of Finland are encouraged to communicate in their professional role in social media, especially on Twitter. More than 90 staff members are using Twitter in this capacity. Staff members’ social media engagement was supported in 2019 by various training and information events.
The social media visibility of the work done by the Bank’s experts is being developed further, for example on LinkedIn. All in all, the use of the Bank of Finland’s social media channels is promoted to better serve both experts and citizens.
The importance of financial literacy highlighted in many fora
The importance of financial literacy is emphasised in the Bank of Finland’s activities. In 2019, the Bank participated in the discussion on financial literacy in the media and in various events with stakeholders.
In April, the Bank launched a new website, Learn economy, which contains information on central bank activities, tests and games related to financial literacy and current news.
Financial literacy was also reflected in 2019 in the Bank of Finland’s events and the Bank’s interaction with stakeholders. In July, the Bank of Finland organised in cooperation with Finance Finland and the Finnish Foundation for Share Promotion a discussion at the SuomiAreena event under the heading ‘Talousosaaminen kansalaistaidoksi – Ei kaikkea kantapään kautta’ (‘Making financial literacy a civic skill – Let’s not learn everything the hard way’).
The Generation €uro Students’ Award, a monetary policy competition open to secondary school students, was launched for the eighth time. The winner of the Finnish final and the award trip to the ECB in Frankfurt was taken by the team from Helsingin Suomalainen Yhteiskoulu (Helsinki). The other participants in the finals, which were held at the Bank of Finland Museum on 2 April 2019, came from Ålands Lyceum (Mariehamn) and Lahden yhteiskoulun lukio (Lahti).
Educational sessions for teachers were held again across the country. In 2019, training days were held in Helsinki, Jyväskylä and Tampere and as a remote event in Oulu.
Board members visited regions across the country
Each year, the members of the Bank of Finland Board visit Finnish regions to get to know the various regional centres. During these visits, Board members also present and discuss topical economic issues.
During regional visits, Board members meet local entrepreneurs, students, authorities and the media. In 2019, Board members visited Tampere, Mikkeli, Rovaniemi, Vantaa, Pori, Kuhmo and Kajaani.
The Bank of Finland Museum achieves visitor record and exhibits banknote counterfeiting
The Bank of Finland Museum broke its all-time visitor record in 2019. Over 15,300 visitors attended exhibitions and events held at the Museum during the year.
In summer, the Museum opened an exhibition of banknote counterfeiting, which presents the history of counterfeit banknotes in Finland. The exhibition runs until the end of May 2020.
The Bank of Finland Museum had a lively year and hosted many public events and lectures. For example, the general public could get information on the outlook for the Finnish and the global economies and hear about responsible investment. In addition, among the books presented in the Museum’s Talouskirja nyt discussion series were Governor Olli Rehn’s book Walking the highwire – Rebalancing the European Economy in Crisis and Olin joukon nuorin (‘I was the youngest’) by his predecessor, Erkki Liikanen.